ITT Corp. (NYSE:ITT) Given Consensus Rating of “Hold” by Brokerages
Shares of ITT Corp. (NYSE:ITT) have been assigned a consensus recommendation of “Hold” from the eleven research firms that are covering the firm. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $41.17.
ITT has been the topic of several recent analyst reports. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. Seaport Global Securities upgraded shares of ITT Corp. from an “accumulate” rating to a “buy” rating and increased their target price for the stock from $37.00 to $41.00 in a research note on Friday, June 10th. Zacks Investment Research cut shares of ITT Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. Barclays PLC lowered their price objective on shares of ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. Finally, KeyCorp restated a “sector weight” rating on shares of ITT Corp. in a research report on Wednesday, June 29th.
Shares of ITT Corp. (NYSE:ITT) opened at 35.32 on Friday. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.52. The company has a 50 day moving average of $35.55 and a 200 day moving average of $35.14. The company has a market cap of $3.16 billion, a PE ratio of 13.43 and a beta of 1.28.
ITT Corp. (NYSE:ITT) last posted its earnings results on Thursday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.07. ITT Corp. had a net margin of 9.49% and a return on equity of 16.02%. The business had revenue of $626.20 million for the quarter, compared to analysts’ expectations of $620.12 million. During the same period in the prior year, the company posted $0.69 EPS. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, analysts expect that ITT Corp. will post $2.40 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a $0.124 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend was Wednesday, September 7th. ITT Corp.’s payout ratio is presently 19.01%.
A number of institutional investors have recently modified their holdings of the company. UBS Group AG boosted its position in shares of ITT Corp. by 15.1% in the first quarter. UBS Group AG now owns 35,161 shares of the company’s stock worth $1,297,000 after buying an additional 4,601 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of ITT Corp. during the first quarter worth approximately $502,000. Credit Agricole S A boosted its position in shares of ITT Corp. by 127.1% in the first quarter. Credit Agricole S A now owns 53,305 shares of the company’s stock worth $1,966,000 after buying an additional 29,836 shares during the last quarter. M&T Bank Corp boosted its position in shares of ITT Corp. by 11.0% in the first quarter. M&T Bank Corp now owns 12,817 shares of the company’s stock worth $473,000 after buying an additional 1,269 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of ITT Corp. by 143.8% in the first quarter. JPMorgan Chase & Co. now owns 431,399 shares of the company’s stock worth $15,914,000 after buying an additional 254,469 shares during the last quarter. Institutional investors own 89.37% of the company’s stock.
About ITT Corp.
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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